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Fitch Affirms Kazakhstan’s Tsesnabank at ‘B-’; Outlook Stable

January 09, 2008 | Cbonds

31 December 2007: Fitch Ratings has today affirmed Tsesnabank's (TSB) ratings at Long-term Issuer Default rating (IDR) 'B-', Short-term IDR 'B', Support '5', Support Rating Floor ‘No Floor’ and Individual 'D/E'. The Outlook for the Long-term IDR is Stable.

The ratings reflect TSB’s relatively small asset size, very rapid recent growth, weakening asset quality and worsening profitability, and Fitch Ratings’ concerns about a deterioration in the operating environment in Kazakhstan. At the same time, the ratings also take into account TSB’s significant regional franchise, currently reasonable capitalisation, satisfactory liquidity position to date and the improved diversification on both sides of the balance sheet.

Fitch believes that in the long-term TSB could benefit from its enhanced branch network, widened customer base, the recent modernisation efforts and the improved risk management practices, but in the near term growth will be hampered by the sharp contraction in access to wholesale funding for Kazakhstani financial institutions overall.

That said, Fitch notes increasing levels of loan impairment. “Asset-quality measures have been on a negative trend in 2006 and 2007 and the portfolio is still unseasoned”, says Maxim Miller, Analyst at Fitch’s Financial Institutions group in Moscow. “At the same time, loans overdue by more than 90 days were still a manageable 2.7% at end-November 2007 and covered by impairment reserves.”
TSB’s liquidity position is satisfactory at present, with about 19% of total assets invested in relatively liquid instruments at end-November 2007, and immediate refinancing needs being modest. Some concerns arise from the noticeable outflow from the bank’s corporate current accounts in October-November. However, these outflows have so far been manageable in volume, and, in contrast with some other Kazkahstani banks, TSB’s deposit base (including retail accounts) had been stable in August-September.

“The current ratings incorporate our expectations of further moderate deterioration in asset quality and significant slowdown (if not contraction) in asset growth due to more difficult funding access”, says Mr. Miller, “nonetheless Fitch will continue to monitor the bank’s performance in the coming months, and large losses on its loan book or more substantial deposit outflow could put downward pressure on the ratings”.

TSB is the 11th largest bank in Kazakhtstan, providing banking services to corporate and retail customers. Almost half of its operations are concentrated in the capital city of Astana.

Società: First Heartland Jysan Bank

Nome completo della societàJoint stock company «First Heartland Jysan Bank»
Paese di registrazioneKazakhstan


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